Core Points - The Tahltan Nation has voted in favor of the Impact Benefit Agreement (IBA) for the Eskay Creek Gold-Silver Project, which is fully owned by Skeena Resources Limited [1][2] - The IBA aims to establish a framework for shared benefits, including employment opportunities, training initiatives, and financial participation for the Tahltan Nation [5] - Skeena Resources is focused on advancing the Eskay Creek Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally [3] Group 1 - The Tahltan Central Government Board of Directors will consider a decision regarding consent for the Eskay Creek Project in January 2026 [2] - Walter Coles, Executive Chairman of Skeena, expressed gratitude to the Tahltan leadership for their collaboration and emphasized the innovative nature of the IBA [2] - The IBA is seen as a foundation for a long-term partnership between Skeena and the Tahltan Nation, reflecting their environmental, cultural, and economic priorities [2] Group 2 - Skeena Resources is committed to sustainable mining practices and aims to foster positive relationships with Indigenous communities [3] - The Eskay Creek Project is located in the Golden Triangle of British Columbia and is expected to produce substantial silver by-products [3] - The IBA includes provisions for employment and business opportunities for Tahltan members, training initiatives, and funding for facilities benefiting Tahltan elders [5]

Core Viewpoint - Skeena Resources Ltd. is highlighted as a promising investment in the silver mining sector, with RBC Capital maintaining an Outperform rating and a price target of C$34 [1][2]. Financial Performance - In Q3 2025, Skeena reported no revenue as it remains in the pre-production stage, with all expenditures directed towards development [2]. - The net loss improved to C$36.8 million from C$84.9 million in Q3 2024, attributed to lower exploration costs focused on efficient resource upgrades [2]. - The company missed the consensus estimate of a C$0.06 loss due to increased administrative expenses related to equity incentives [2]. Asset Growth - Total assets increased to C$647.2 million from C$274.4 million at the beginning of the year, primarily driven by a rise in mineral properties valued at C$437.7 million, up from C$144.2 million [3]. - Operating cash use decreased to C$17.8 million from C$41.0 million, aided by C$48.9 million in non-cash derivative gains and reduced fieldwork [3]. Company Overview - Skeena Resources Ltd. is a Canadian mining exploration and development company focused on silver, advancing the Eskay Creek project towards production through open-pit development, and progressing the Snip Project, a previously high-grade producing mine [4].

Core Viewpoint - Skeena Resources Limited reports interim financial results for the quarter ended September 30, 2025, highlighting its ongoing commitment to advancing the Eskay Creek Gold-Silver Project and acknowledging the planned departure of a key executive [1][2]. Company Overview - Skeena is a leading precious metals developer focused on the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally, with significant silver by-product production [3]. - The company emphasizes sustainable mining practices and aims to foster positive relationships with Indigenous communities, particularly the Tahltan Nation, while delivering long-term value and sustainable growth for stakeholders [3]. Executive Changes - The company announces the planned departure of Paul Geddes, Senior Vice President of Exploration and Resource Development, who has contributed significantly to the Eskay Creek Project and the company's growth over his eight-year tenure [2].

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited - expressed in thousands of Canadian dollars) | | Note | | September 30, 2025 | | December 31, 2024 | | --- | --- | --- | --- | --- | --- | | ASSETS | | | | | | | Current | | | | | | | Cash and cash equivalents | | $ | 108,216 | $ | 96,941 | | Marketable securities | 5 | | 44,797 | | 949 | | Receivables | | | 9,605 | | 2,351 | | Other | | | 987 | | 698 | | | | | 163,605 | | 100,939 | | Prepaid expenses and deposits | 4 | | 20,424 | | ...

Group 1 - The focus is shifting towards NYSE-listed shares of Skeena Resources Limited (SKE) in alignment with market expectations [1] - Alberto, with a Master's degree in Business Economics, possesses a strong managerial and economic background, covering various sectors and stock types [1] - The investment strategy described is adaptable for different investor profiles, including dividend investors and those seeking value or growth opportunities [1]

Group 1 - The focus is shifting towards NYSE-listed shares of Skeena Resources Limited (SKE) in alignment with market expectations [1] - Alberto, with a Master's degree in Business Economics, possesses a strong managerial and economic background, emphasizing a quantitative approach [1] - The investment strategy discussed is versatile, catering to various investor profiles, including dividend investors and those seeking value or growth opportunities [1]

Summary of Skeena Resources Limited Conference Call Company Overview - **Company**: Skeena Resources Limited (NYSE:SKE) - **Industry**: Mining, specifically gold and silver production - **Flagship Asset**: Eskay Creek, a past-producing gold and silver mine in British Columbia Key Points and Arguments 1. **Historical Significance of Eskay Creek**: - Formerly operated by Barrick Gold Corporation until 2008 - Known as the highest-grade open-pit gold mine globally, with an average gold grade of 45 grams per ton and silver grade over 2,000 grams per ton [2][3] 2. **Current Development Status**: - Advancing the Eskay Creek project for about 10 years, now in the construction phase, fully financed for production in 2027 [3][4] - Transitioning from underground to open-pit mining methods [3] 3. **Production and Financial Metrics**: - Targeting 450,000 ounces of gold-equivalent metal per year with a grade profile of 5.5 grams per ton, significantly above the global average [4][12] - Projected after-tax annual free cash flow of approximately $1.1 billion Canadian at current spot prices [4][8] - NPV of the project estimated at $6.1 billion Canadian with an IRR of 86% and a payback period of about 200 days [8] 4. **Strategic Location and Partnerships**: - Located in the Golden Triangle of northwestern British Columbia, an area with significant geological potential [4] - Collaborative relationship with the Tahltan Nation, facilitating project advancement [5] 5. **Regulatory and Environmental Considerations**: - Fast-tracked by the provincial government due to tariffs imposed by the Trump administration, with the project at the top of the list [5] - Expecting to receive the environmental assessment certificate in Q4 2025, which is a key catalyst for share price [6] 6. **Cost Advantages**: - Existing infrastructure includes a fully permitted tailings facility, saving approximately $150 million in capital expenditures [6] - Access to hydroelectric power at $0.06 per kilowatt hour, significantly lower than other Canadian mines [6][7] 7. **Production Profile and Future Plans**: - Initial five years of production will focus on high-grade material, with plans to incorporate the Snip asset to smooth production in later years [9][10][16] - Potential to increase production to over 500,000 ounces by monetizing additional critical minerals like antimony, lead, and zinc [17] 8. **Market Valuation and Shareholder Profile**: - Current market capitalization of approximately $3 billion, with a target of $10 billion based on projected cash flows and EBITDA multiples [9][15] - Institutional ownership at about 65%, with significant interest from mining-focused funds [15] Additional Important Information - The project is positioned to be a leading gold and silver investment vehicle due to its high-grade reserves and substantial byproduct credits from silver [13] - The company is exploring refinancing options for its senior secured loan to optimize capital costs [11] - The production profile is designed to maximize profitability in a cyclical industry by focusing on high-grade ore [12]

Core Points - Skeena Resources Limited has successfully closed a bought deal offering of 5,991,500 common shares at a price of C$24.00 per share, raising gross proceeds of C$143,796,000, including the full exercise of the underwriters' over-allotment option for an additional 781,500 shares [1][4] Group 1: Offering Details - The common shares are offered through a prospectus supplement to the Company's base shelf prospectus in all provinces of Canada, excluding Quebec, and also in the United States [2] - BMO Capital Markets acted as the sole bookrunner for the offering, supported by a syndicate of underwriters including UBS Securities Canada Inc., Raymond James Ltd., RBC Dominion Securities Inc., TD Securities Inc., CIBC World Markets Inc., SCP Resource Finance LP, Agentis Capital Markets, Canaccord Genuity Corp., and Desjardins Securities Inc. [3] Group 2: Use of Proceeds - The proceeds from the sale of common shares will be utilized for the continued advancement of the Eskay Creek gold-silver project and for general corporate purposes [4] Group 3: Company Overview - Skeena is a leading precious metals developer focused on advancing the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally, with significant silver by-product production [5] - The company is committed to sustainable mining practices and aims to foster positive relationships with Indigenous communities while delivering long-term value and sustainable growth for its stakeholders [5]

Core Viewpoint - Skeena Resources Limited has announced a bought deal offering of 5,210,000 common shares at a price of C$24.00 per share, aiming for gross proceeds of approximately C$125,040,000 [1][2]. Group 1: Offering Details - The underwriting agreement is led by BMO Capital Markets, and an over-allotment option allows underwriters to purchase an additional 781,500 shares, potentially increasing total gross proceeds to approximately C$143,796,000 if fully exercised [2]. - The offering will be conducted through a prospectus supplement in Canada (excluding Quebec) and a U.S. prospectus supplement, with the expected closing date around October 8, 2025, pending regulatory approvals [3]. Group 2: Company Overview - Skeena is focused on advancing the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally, with significant silver by-product production [6]. - The company emphasizes sustainable mining practices and aims to build positive relationships with Indigenous communities while delivering long-term value [6].

Core Points - Skeena Resources Limited has entered into an agreement with underwriters to purchase 5,210,000 common shares at C$24.00 per share, raising approximately C$125 million [1][2] - The proceeds will be used for the advancement of the Eskay Creek gold-silver project and general corporate purposes [2] - The offering is expected to close around October 8, 2025, subject to regulatory approvals [3] Financial Details - The offering price is set at C$24.00 per common share, with gross proceeds expected to be approximately C$125 million [1] - The underwriters have an option to purchase an additional 15% of the offering to cover over-allotments [1] - As of September 30, the company has unaudited cash of approximately C$105 million [2] Project Development - The funds will support ongoing construction activities and permitting milestones at the Eskay Creek project [2] - There is an anticipated delay in the permitting process due to a BC government employee strike [2] - Negotiations with the Tahltan Central Government regarding the Impact Benefits Agreement are ongoing [2] Market Impact - The funding represents approximately 4.5% dilution to the company's total market capitalization [3] - The offering will provide flexibility to pursue less expensive financing alternatives compared to existing loan facilities [3] Regulatory Information - The common shares will be offered through a prospectus supplement in Canada and the United States [3] - The offering is subject to customary closing conditions, including approvals from the Toronto Stock Exchange and the New York Stock Exchange [3]